Subject: File number S7-09-09

July 27, 2009

Dear Madam or Sir,

Your Release No. IA-2876 File No. S7-09-09 seems to me as passing the buck through added regulation. Enforce the current laws on the books and see where this leads you rather than bankrupting the small Advisory firms by passing that proposed Release.

As a small advisory firm, I will be spending more time and allocating added expenses in attending to your process instead of managing my clients' portfolios. Please remember the essence of your job is to protect the welfare of the clients' investible assets which, in turn, leads to enhancing the value of such assets. Diverting my attention and resources from the management of those assets will not, in the final analysis, help enhance and protect such portfolios. Another option for me to tackle your proposed Release is to drastically increase my fees which will result in added expenses to the clients which in turn WILL reduce their net returns.